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Confusion reigns on retirement spending strategies

Saving for retirement is hard enough these days, with wage growth lagging and more than 40 percent of workers lacking access to a workplace retirement savings plan.

What's even harder is figuring out how to draw down those savings when the time comes. Three in 4 respondents to a survey did not know how much they can safely withdraw from savings every year, according to an Ipsos survey for New York Life. Almost a third think they can safely take out 10 percent or more, even though the Social Security Administration estimates that a man turning 65 today will live to age 84. A woman can expect to reach age 86.

"Baby boomers haven't done a great job saving for retirement," said Chris Blunt, president of the investments group at New York Life. "If they now screw up the decumulation phase, we are going to take a bad situation and make it worse."

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